Answered step by step
Verified Expert Solution
Question
1 Approved Answer
There's 6 Journal entry thank you Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2022: 3 Credits Debits $
There's 6 Journal entry thank you
Garvey Company's unadjusted trial balance includes the following account balances as of December 31, 2022: 3 Credits Debits $ 69,030 116,900 1,320 139,300 8,750 50, 300 279,200 Cash Accounts Receivable Interest Receivable Supplies Prepaid Insurance Notes Receivable (short-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Interest Revenue Supplies Expense Repairs and Maintenance Expense Rent Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Totals $ 64,800 104,600 21,700 9,308 87,888 217,200 144,200 40,788 22,000 26,550 17,900 3,050 $ 712,300 $ 712,300 The following data are available to determine adjusting entries: A) Insurance purchased at the beginning of July for $8,750 provided coverage for twelve months (July 2022 through June 2023). The insurance coverage for July through December totaling $4,375 has now been used. B) The company estimates $8.200 in depreciation each year. C) A count showed $86,200 of supplies on hand at the end of the year. D) An additional $270 of interest has been earned but has not yet been uncollected on the outstanding notes receivable. E) Services in the amount of $5,650 were performed for customers who had previously paid in advance. F) Services in the amount of $2,100 were performed; these services have not yet been billed or recorded. Journal Entry Required in the first account field.) 3 View transaction list Journal entry worksheet Record the adjusting entry for insurance expense expired during the period. Note: Enter debits before credits Transaction Debit Credit General Journal Insurance Expense A. Record entry Clear entry View general journal Required Required B >Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started